There are all sorts of bank accounts out there, and that means there are a number of different ways to utilize those bank accounts. One type of bank account is a business bank account. However, not everyone knows when they might benefit from a business bank account. Here are four reasons that a business bank account might be the right choice for you.
1. You Own Your Own Business of Any Kind
If you own your own business, it could be a good idea to get a business bank account. This is even true if your business doesn’t make very much money. Having your own bank account for your business specifically allows you to keep an easier eye on your business purchases.
That way, you can know how much money is available for your business, how much you’re spending, and what you’re buying.
2. You Are Making Regular Purchases for Your Business
Some people are able to use their general bank account for their business for a period of time.
However, if you’re regularly buying important things for your business, you’re probably going to want to get a business bank account.
That’s because the more frequently you make purchases, the more difficult it might be to get your taxes in order at the end of the year. Having all that information available in one account is much easier. That’s because the more frequently you make purchases, the more difficult it might be to get your taxes in order at the end of the year. Having all that information available in one account is much easier.
3. You’ve Decided to Take Payment for Your Business Directly
If you currently take payment for your business through a third-party payment processor like PayPal.
You might not need to have a bank account specifically for your business.
However, if you’ve decided to switch over to something like Stripe, which takes payment directly and deposits it to a bank account, you might want to make a business bank account that you can automatically deposit all your transactions to. It’s an easier way to manage those transactions.
4. You Have Enough Money to Qualify for a Sign-On Bonus
Different business bank accounts have different requirements for sign-on bonuses. The Chase Business Account, for example, requires that you deposit $2,000 and maintain that dollar amount for the first 60 days to receive the $300 sign-on bonus.
If you have a fledgling business that’s not making very much money, that $2,000 might not be a requirement you can meet. However, once you’re able to make more than a thousand dollars a month with your business, it might be a much easier requirement.
A business bank account can be a great tool for many businesses. Plus, you don’t have to have a large enterprise to do it; you can have any size of business, including a sole enterprise that’s just you and no one else. In general, one of the first steps to starting a business can actually be opening a business bank account.
If your business checks any of these four things, you might want to think about opening a business bank account, and if you check multiple, you definitely will.